Press Release   -

Multiple Myeloma Market Poised for Strong Growth Amid Advancements in Immunotherapy and Targeted Drug Development

The global Multiple Myeloma market is poised for significant growth, driven by rising incidence of the disease, expanding therapeutic options, and increasing adoption of advanced treatments in both developed and emerging markets. According to a recent report by Vantage Market Research (VMR), the market was valued at USD 28.42 billion in 2024, and is projected to reach USD 59.015 billion by 2035, reflecting a compound annual growth rate (CAGR) of about 6.95 % from 2025 to 2035. This press release provides a comprehensive review of the multiple myeloma market, covering key take-aways, market summary, segmentation insights, regional analysis, key company profiles, recent developments, market dynamics and report scope to assist stakeholders including pharmaceutical firms, investors, healthcare providers and policymakers in navigating the evolving landscape.

Key Takeaways

1. The multiple myeloma market is expected to more than double in value from 2024 to 2035, indicating robust long-term growth.
2. Growth is primarily driven by the aging population (since multiple myeloma incidence increases with age), broadened therapeutic indications, improvements in survival and the shift toward chronic management of the disease.
3. Advanced treatment modalities — including proteasome inhibitors, immunomodulators, anti-CD38 monoclonal antibodies, CAR-T therapies and bispecific antibodies are fueling market expansion through novel approvals and combination regimens.
4. Emerging markets, particularly in Asia-Pacific, are poised for faster growth due to improving healthcare infrastructure and increasing access to therapies.
5. The competitive landscape is intensifying, with major players aggressively pursuing pipeline innovation, strategic collaborations and launches of next-generation therapies.

Key Market Trends & Insights

The multiple myeloma market is shaped by several converging trends. First, rising prevalence and diagnosis rates, especially among older adults, are expanding the patient pool. Second, therapeutic advances are shifting treatment paradigms: beyond traditional chemotherapy and stem cell transplantation, novel agents such as immunomodulators, proteasome inhibitors and monoclonal antibodies are now standard, while CAR-T therapies and bispecific antibodies are gaining traction. Third, survival gains mean that more patients remain on treatment longer, thereby increasing lifetime therapy volumes and boosting market revenue. Fourth, in emerging markets, improved reimbursement and growing awareness are enabling uptake of newer therapies. Lastly, treatment regimens are becoming more complex and durable, but also more expensive a factor likely to support revenue but also bring affordability and access challenges.

Market Size & Forecast

According to the VMR report, the global multiple myeloma market size was USD 28.42 billion in 2024. It is forecast to reach USD 59.015 billion by 2035, with a CAGR of approximately 6.95 % between 2025 and 2035. These figures illustrate a stable and sustained growth path for multiple myeloma therapies over the next decade.

The multiple myeloma market is characterised by a moderate to high concentration among leading global pharmaceutical and biotech companies that have strong oncology portfolios, substantial R&D investment and broad geographies of operation. These firms dominate key therapy classes such as immunomodulators, proteasome inhibitors and anti-CD38 antibodies and are increasingly entering the CAR-T and bispecific antibody segments. At the same time, there are numerous smaller and specialist players focusing on novel mechanisms of action, niche patient sub-populations (e.g., high-risk, relapsed/refractory), and emerging markets. Key characteristics include long development cycles, significant regulatory scrutiny, high treatment costs and increasing complexity of therapy regimens. Market access and reimbursement play a pivotal role in shaping geographic uptake.

Drug Class Insights

The multiple myeloma market by drug class includes immunomodulatory drugs, proteasome inhibitors, monoclonal antibodies, corticosteroids, and others. Immunomodulatory drugs such as lenalidomide and pomalidomide dominate the segment due to their effectiveness in prolonging survival and reducing relapse rates. Monoclonal antibodies like daratumumab are rapidly gaining traction, offering targeted mechanisms with fewer side effects. Proteasome inhibitors remain a core therapy in combination regimens. Ongoing research into bispecific antibodies and CAR-T therapies further enhances the treatment landscape for multiple myeloma patients globally.

Distribution Channel Insights

Based on distribution channels, the market is categorized into hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies hold the largest share as they are the primary points for administering advanced infusion and injectable therapies. Retail pharmacies contribute significantly due to oral and maintenance therapy availability. The online pharmacy segment is witnessing rapid growth, driven by digital healthcare expansion, convenience, and access to remote treatment support, particularly in developed economies with well-established e-pharmacy infrastructures.

Regional Insights

North America Multiple Myeloma Market Trends

North America is the largest regional market for multiple myeloma, benefitting from advanced healthcare infrastructure, early access to novel therapies, strong reimbursement frameworks and high healthcare spending. According to VMR, North America is identified as the largest region for the multiple myeloma market. Growth is being supported by favourable regulatory approvals, a large patient base, strong diagnosis rates, and uptake of advanced therapies (including CAR-T and bispecifics). As therapy standards evolve, the U.S. is likely to remain a lead market in both revenue and innovation, albeit with competitive pricing pressure and increasing cost scrutiny.

Europe Multiple Myeloma Market Trends

Europe is a mature market for multiple myeloma therapies, supported by strong oncology care networks, established diagnostics and reimbursement systems. However growth is somewhat slower compared to emerging regions due to market saturation, regulatory heterogeneity across countries and access disparities. Key drivers in Europe include adoption of novel therapies, expanded indications into earlier lines of therapy, and increasing patient awareness. Price containment and health-technology assessments remain constraints. Nonetheless, Europe remains critical as a value centre for multiple myeloma treatment and a springboard for pan-EU launches of new therapies.

Asia Pacific Multiple Myeloma Market Trends

The Asia Pacific region is projected to be the fastest-growing region for the multiple myeloma market, driven by increasing healthcare investment, growing patient population (including aging demographics), improving diagnosis rates, and expanding access to novel therapies. VMR identifies Asia Pacific as the fastest region. Many countries in Asia are progressing in adoption of biologics, oncology infrastructure, and reimbursement. Additionally, local manufacturing and partnerships are increasing. Challenges include affordability, limited diagnosis infrastructure in some markets, and variable reimbursement – yet volume growth potential remains high.

Latin America Multiple Myeloma Market Trends

Latin America is a developing region for multiple myeloma treatment market expansion. The region is characterised by rising healthcare investment, increasing private healthcare access, and greater awareness of oncology care. However, uptake of premium therapies is still limited by reimbursement gaps, infrastructure constraints and economic volatility. Growth in Latin America will likely be moderate but offers opportunities for generic or cost-effective versions of therapies, strategic partnerships and market penetration initiatives. Providers entering this region must tailor offerings to local economic and regulatory realities.

Middle East & Africa Multiple Myeloma Market Trends

The Middle East & Africa (MEA) region currently represents a smaller share of the global multiple myeloma market but is gradually evolving. Growth is driven by increased government healthcare spending, private sector expansion, improving oncology infrastructure and rising disease burden. Nevertheless, uptake of advanced therapies remains limited by access, cost, diagnostic infrastructure and workforce constraints. For market entrants, MEA presents future potential as healthcare systems modernise, though immediate value may remain modest compared to developed regions.

Top Key Players Multiple Myeloma Market

1. Takeda Pharmaceutical Company Limited
2. Novartis AG
3. Teva Pharmaceutical Industries Ltd
4. Bristol Myers Squibb Company
5. Amgen Inc.
6. ONO Pharmaceutical Co. Ltd
7. Janssen Pharmaceuticals Inc
8. AbbVie Inc.
9. Sanofi
10. Kary pharm

These companies are actively engaged in pipeline development, strategic alliances, product launches (including immunotherapies, CAR-T, bispecific antibodies), and global market expansion strategies tailored to multiple myeloma. Their innovation push and access strategies are shaping future market trajectories.

Recent Developments

1. In April 2024, GlaxoSmithKline plc announced that the Dreamm-7 Phase III trial of its drug Blenrep (belantamab mafodotin) combination nearly tripled median progression-free survival compared with standard of care in relapsed/refractory multiple myeloma.
2. In July 2025, Regeneron Pharmaceuticals received accelerated FDA approval for its bispecific antibody Lynozyfic (linvoseltamab-gcpt) for adults with relapsed or refractory multiple myeloma who had received at least four prior lines of therapy.

Market Scope

This report covers the global multiple myeloma market from the base year 2024 through to 2035, including market size, forecast, segmentation by drug class (immunomodulators, proteasome inhibitors, anti-CD38 antibodies, alkylating agents, others) and distribution channel (hospital pharmacies, retail pharmacies & drug stores, online pharmacies) as per the VMR segmentation. It also includes regional analysis (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), competitive landscape (key companies, strategies), recent developments and market dynamics (drivers, restraints, opportunities, challenges). The report is intended for pharmaceutical and biotech companies, healthcare providers, investors, service providers, and policy makers who seek strategic insights into the multiple myeloma market.

Market Dynamics

Driver:

One of the principal drivers of the multiple myeloma market is the increasing incidence of multiple myeloma globally, particularly among aging populations, combined with improved diagnosis and patient awareness. VMR highlights that rising prevalence is a key growth enabler. Advances in therapeutic modalities and improved survival rates further support sustained treatment uptake and slower attrition, enhancing market size.

Restraint:

A key restraint is the high cost of multiple myeloma therapies especially later-line treatments such as CAR-T, bispecific antibodies and novel immunotherapies. These high prices, reimbursement challenges and access inequities in lower-income markets limit adoption and constrain growth in certain geographies. Moreover, the complexity of treatment regimens and the need for specialist infrastructure also serve as barriers.

Opportunity:

Significant opportunities exist in emerging markets (Asia Pacific, Latin America, Middle East & Africa) where healthcare investment is growing, diagnosis rates are increasing and access to advanced therapies is improving. Additionally, innovations in therapy lines (earlier use of bispecific antibodies, CAR-T in earlier treatment lines, new mechanisms of action) represent growth levers. Generics and biosimilars of older agents also present opportunity to expand access and volumes.

Challenges:

Challenges the market faces include managing long-term treatment burden as multiple myeloma becomes more of a chronic condition, ensuring durable efficacy and safety of novel therapies, navigating pipeline and regulatory risk, and addressing supply-chain constraints for complex biologics and cell therapies. Also, competition from alternate indications and therapies may disrupt growth patterns.

Market Segmentation

1. By Drug Class: Immunomodulators, Proteasome Inhibitors, Anti-CD38 Monoclonal Antibodies, Alkylating Agents, Others
2. By Distribution Channel: Hospital Pharmacies, Retail Pharmacies & Drug Stores, Online Pharmacies
3. By Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Frequently Asked Questions

1. What was the global multiple myeloma market value in 2024?

USD 28.42 billion.

1. What is the projected market size by 2035 and what is the CAGR from 2025-2035?

The market is projected to reach USD 59.015 billion by 2035 with a CAGR of about 6.95 %.

1. Which region holds the largest share in the multiple myeloma market?

North America is identified by VMR as the largest region.

1. Which drug class segmentation is used in the market report?

The segmentation by drug class includes: Immunomodulators, Proteasome Inhibitors, Anti-CD38 Monoclonal Antibodies, Alkylating Agents and Others.

1. What are some key growth opportunities in the multiple myeloma market?

Opportunities include penetration into emerging markets, earlier line use of novel therapies (CAR-T, bispecifics), expanding patient diagnosis, and generics/biosimilar introduction for older agents.